Richard K. Armey: “Mr. Chairman, we are not passing this tax relief bill tonight because it is in the Contract With America. It is in the…”

“Mr. Chairman, we are not passing this tax relief bill tonight because it is in the Contract With America. It is in the Contract With America because it is needed by the American people. When we wrote the Contract With America, we said we agree with the American people that the Federal Government is too big and takes too much of their hard-earned money. The average family today pays more in taxes than it does in food, shelter, and clothing combined. Most households have a second wage earner not to support the family but to support the government. Mr. Chairman, starting today, relief is on the way. Mr. Chairman, we have relief for the families, relief for the elderly, relief for the small business entrepreneur, relief for savers, and relief for investors. Mr. Chairman, there are many provisions in this bill that do not get much attention, but they make real differences in the lives of real people. There is, for example, in this bill an adoption tax credit to make it easier for loving couples to provide homes for precious children. There is an IRA for education, medical expenses, first-time home purchases and retirement, and it is available to the work-at-home parent as well. Our bill has a tax credit for families who take care of their elderly parents at home. It has a home office deduction so more people can work at home and spend more time with their children.”